Pakistan Prime Minister Nawaz Sharif has been disqualified by the Pakistani Supreme Court over corruption allegations in connection with the Panama papers case. Along with the Prime Minister, his sons, daughter Maryam Sharif and Finance Minister Ishaq Dar will also be prosecuted by the NAB. All 5 judges unanimously disqualified the Nawaz Sharif in the scandal.
The investigators had failed to account for the source of the financial assets of Sharif and his family members.
Here are 7 things you need to know about Panama papers:
- The leak of 11 million documents held by the Panama-based law firm Mossack Fonseca identified links between many political and business leaders around the world.
- Sharif came under the scanner after the Panama Papers leaks linked his children to offshore companies to buy flats in London. The companies were identified as – Nescoll Ltd, Nielsen Enterprises Ltd and Hangon Property Holdings Ltd, incorporated in 1993, 1994 and 2007 respectively.
- After the incident came to light, it was suspected that the companies were used to launder ill-gotten wealth.
- Nawaz Sharif claims that the properties in London were acquired legitimately and that he personally does not own them.
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- The Pakistan PM was under pressure as Opposition groups accused his family of using their political influence to amass wealth by unlawful means and are calling on him to resign.
- The Joint Investigation Team (JIT), set up in April, reportedly found “significant gaps/disparity among the known and declared sources of income and the wealth” accumulated by Sharif and his family.
- Allegations of corruption have chased Sharif since the 1980s. Much of what the Panama Papers have revealed now was the subject of a federal inquiry in the mid-1990s. Sharif ordered that inquiry closed when he came to power in 1997, calling it “politically motivated”.